It all starts at the Buyer Consultation, where you begin by sharing your story and your real estate goals. The consultation also helps you prepare for the current real estate market conditions and learn more about the home buying process. After this approximately hour long meeting, you will be prepared with all of the necessary knowledge to be a strong buyer in this competitive market.
Obtaining financing is an essential part of the buying process. Before you start looking at homes, you will need to speak with a recommended local lender to determine your target price range, estimated monthly payment, and obtain a pre-approval letter that will be used as part of submitting an offer on a home.
During the buyer consultation, you will work with Greg to setup a search on the MLS. The MLS is the origin of Realtor listings in central Ohio and a critical resource for acting fast to be the first to see a home and write an offer. If a home (or several) in your search piques your interest, let Greg know to scheduling your own private showing.
When you preview a home and it is a perfect match, the next step is to write an offer. To create a great offer, you will work with Greg to discuss terms such as: price, inspection and remedy time frames, closing time frame, earnest money, and others.
Once your offer is accepted, you are officially in contract! Greg will send you a copy of the fully executed contract accompanied by a convenient cover sheet with all pertinent dates and terms. Once in contract, you will receive weekly updates with an updated timeline, a highlight of the past weeks events, and items coming up the next week.
Immediately following the acceptance of your offer, the timeline starts on your contract deadlines, most notably the home inspection deadline. Greg can provide several great referrals for highly qualified local home inspectors that can provide an array of inspections services including: Full Home Inspection, Wood Destroying Insect Inspection, and Radon Inspection.
At the conclusion of the home inspection, a full report will be provided to highlight areas of the home that may need some common maintenance increasing in severity to items that need immediate attention for the safety of the home. Focusing on the most important items, you will work with Greg to craft a Request To Remedy. An agreed remedy must be achieved to continue with the contract.
An appraisal is usually required when obtaining a mortgage. The appraisal is a determination of the home’s value by a licensed appraiser. The subsequent appraisal report is used by the bank to ensure their loan makes good business sense.
In the meantime, your lender will be communicating with you to obtain documentation and answer pertinent questions related to your loan to obtain a clear-to-close.
One of the last steps before closing is the final walk-through. There is a dual purpose for this time:
1) Verify that all remedies have been completed
2) Check to ensure the property is in the same or better condition from the last time the property was viewed
Prior to closing, you will need to wire your down payment to the title company. For closing, bring your valid Driver’s License/ID (cannot be expired) and a blank check to closing. The blank check can be used in case a nominal amount is due at the time of closing – this is not common, but worth being prepared.
Once you finish signing the papers at closing, you are officially a homeowner! Keys will be exchanged at the time of closing or arranged for your possession date. There is no better feeling than the first time you step in your new home. Enjoy!